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Setting objectives to spell out for the company how much of what kind of performance is expected, and by when. The objectives need to require a significant amount of organizational stretch. A balanced scorecard approach for measuring company performance entails setting both financial objectives and strategic objectives.
3. Crafting a strategy to achieve the objectives and move the company along the strategic course that management has charted. Crafting strategy is concerned principally with forming responses to changes under way in the external environment, devising competitive moves and market approaches aimed at producing sustainable competitive advantage, building competitively valuable competencies and capabilities, and uniting the strategic actions initiated in various parts of the company...
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